Mincor Resources NL (ASX:MCR) announced a private placement of 69,444,444 common shares at a price of AUD 0.72 per share for gross proceeds of AUD 50,000,000 on June 25, 2020. The transaction will include participation from returning investor IGO Limited (ASX:IGO) for AUD 13,000,000 to increase its stake to approximately 8%, and other investors. The company will raise the funding in 2 tranches.

The first tranche will consist of 24,001,803 shares to be issued on July 2 2020, and the second tranche will consist of 45,442,641 shares to be closed on August 11, 2020, subject to shareholder approval at a general meeting to be held on August 5, 2020.